Market Update (Week 43, 25/10/2021 – 31/10/2021)

Price, volume and volatility indices up. Facebook rebrands itself as Meta, introducing a metaverse and NFTs.

Nov 01, 2021

Key Takeaways

  • Facebook has rebranded itself as Meta, to develop a metaverse community that supports the exchange of non-fungible tokens (NFTs). Whether or not, or to what degree, this metaverse will be decentralised remains to be announced.  
  • Mastercard is also preparing to launch its own platform for central bank digital currency (CBDC) transactions, as well as integrating crypto transactions in its network, partnering with Bakkt to provide custodial wallets for customers. This follows the attempt by Visa in late September to enter the CBDC sector.
  • Despite the successful launch of Proshares’s Bitcoin (BTC) exchange-traded fund (ETF) last week, the SEC appears to have rejected Valkyrie’s proposal for a spot Bitcoin ETF.
  • The general price index, volatility index, and volume index all increased, by +1.64%, +3.51%, and +25.55%, respectively.
  • Crypto.com kicks off Fortune Favours the Brave campaign featuring Matt Damon in 4K commercial directed by David Fincher.

Highlights

Check the latest prices on crypto.com/price.


Notable events

Osmosis, a Cosmos (ATOM) automated market maker, has generated $21million worth of private token sales. (ref)

The Beacon Chain’s Altair upgrade is on, a step further to the full operation of Ethereum (ETH) 2.0. (ref)

While Ethereum (ETH) is trading above $4,000, it is reported that whales have shifted $1.42 billion worth of ETH. (ref)

Rhodium enterprises, a Bitcoin (BTC) mining company, is planning to raise $100 million in its initial public offering. (ref)

Cardano (ADA) tokens staked on its own network have reached an all-time high. (ref)


Notable events

A leak from the Loopring (LRC) protocol GitHub suggests a possible partnership deal with GameStop for an NFT marketplace. (ref)

It is reported that over 89% of the Curve Finance (CRV) supply is locked up in various DeFi platforms. (ref)

Justin Sun, the founder of Tron Foundation, has reportedly withdrawn billions of dollars from the Aave’s (AAVE) lending pool. (ref

Immunefi, a bug bounty and security services platform serving clients such as Chainlink (LINK)Nexus Mutual (NXM), and Synthetix (SNX), has raised $5.5 million in funding. (ref)


Notable events

Facebook rebranding gives fuel to the token market of games with metaverse elements. These tokens include Decentraland (MANA) and The Sandbox (SAND). (ref)

Enjin.io (ENJ) will host the second annual NFT award ceremony in Decentraland (MANA). (ref)

Over 500 million of the HOGE Finance (HOGE), which is around 0.12% of its supply, has been burned in under five days. (ref)

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